For a comparison of all major mortgage types — conventional, FHA, VA, USDA, ARM, and jumbo — see the Mortgage Loan Types hub.
Current VA loan rates and how VA mortgages compare to other loan options for eligible veterans and service members.
Current VA Loan Rates
| Loan Type | Mortgage News Daily index, Oct. 14, 2026 |
|---|---|
| 30-Year VA Fixed | 7.15% |
| 30-Year Fixed (conventional), for comparison | 7.45% |
| 30-Year FHA, for comparison | 7.13% |
Rates are a survey average, not an offer. Your quote depends on credit score, down payment and lender. A year earlier, on October 14, 2025, the same MND VA index read 6.05%.
VA vs Conventional vs FHA Comparison
| Feature | VA Loan | Conventional | FHA |
|---|---|---|---|
| Rate (MND index, Oct. 14, 2026) | 7.15% | 7.45% | 7.13% |
| Down Payment | 0% | 3-20% | 3.5% |
| Monthly Insurance | $0 | PMI until 20% equity | MIP for life |
| Upfront Fee | 2.15%* | None | 1.75% |
| Min Credit Score | No VA min (lenders: ~620) | 620 | 580 |
*Funding fee for first-time use with no down payment; waived for disabled veterans
VA Loan Rate Advantages
| Benefit | What it means |
|---|---|
| Lower rate | The VA index was 0.30 points below conventional on Oct. 14, 2026: about $82/month less P&I on $400,000 |
| No PMI | No monthly mortgage insurance |
| No down payment | Preserves savings |
| No prepayment penalty | Refinance anytime |
Payment Comparison: $400,000 Home
Principal and interest at the Oct. 14, 2026 MND VA index (7.15%). The conventional example uses myFICO’s Loan Savings Calculator rate for a 720+ FICO score on a 30-year fixed loan, viewed Oct. 14, 2026 (7.76%), with PMI assumed at 0.60% a year.
VA Loan (0% down)
| Component | Amount |
|---|---|
| Down payment | $0 |
| Loan amount | $400,000 |
| VA funding fee (financed) | $8,600 |
| Total loan | $408,600 |
| Rate | 7.15% |
| Monthly P&I | $2,760 |
| Monthly MI | $0 |
| Total P&I | $2,760 |
Conventional (5% down, 720 credit)
| Component | Amount |
|---|---|
| Down payment | $20,000 |
| Loan amount | $380,000 |
| Rate | 7.76% |
| Monthly P&I | $2,725 |
| Monthly PMI | $190 |
| Total P&I+PMI | $2,915 |
VA Advantage: Save $155/month with $0 down vs $20,000 down
VA Funding Fee
| Down Payment | First Use | Subsequent Use |
|---|---|---|
| 0% | 2.15% | 3.30% |
| 5-9.99% | 1.50% | 1.50% |
| 10%+ | 1.25% | 1.25% |
Funding Fee Exemptions
| Category | Funding Fee |
|---|---|
| Disability rating 10%+ | Waived |
| Purple Heart recipient | Waived |
| Surviving spouse | Waived |
| National Guard/Reserve | Same as active* |
*After 90 days Title 10 activation
Funding Fee Examples
| Loan Amount | Down % | Fee % | Fee Amount |
|---|---|---|---|
| $300,000 | 0% | 2.15% | $6,450 |
| $400,000 | 0% | 2.15% | $8,600 |
| $500,000 | 0% | 2.15% | $10,750 |
| $400,000 | 5% | 1.50% | $5,700 |
| $400,000 | 10% | 1.25% | $4,500 |
VA Loan Limits
Since 2020, VA loans have no loan limit for borrowers with full entitlement.
With Reduced Entitlement
If you have a prior VA loan still open, the amount you can borrow without a down payment is limited and varies by county. Ask a VA lender what your remaining entitlement supports.
VA Loan Eligibility
| Service Category | Requirement |
|---|---|
| Active Duty | 90+ continuous days |
| Wartime Veterans | 90+ days active |
| Peacetime Veterans | 181+ days active |
| National Guard | 6+ years OR 90 days Title 10 |
| Reserves | 6+ years OR 90 days Title 10 |
| Surviving Spouses | Unremarried, service-related death |
VA IRRRL (Interest Rate Reduction Refinance Loan)
Already have a VA loan? Refinance easily:
| Feature | Details |
|---|---|
| Requirements | Must lower rate OR shorten term |
| Appraisal | Not required |
| Income verification | Not required |
| Credit check | Usually minimal |
| Funding fee | 0.5% |
| Time to close | 2-3 weeks |
VA Cash-Out Refinance Rates
Cash-out refinances are priced separately from purchase loans, and the surveys used on this page do not publish a cash-out rate. VA and each lender also set a maximum loan-to-value for cash-out, so ask your lender what applies to you.
Monthly Payment Examples
0% down, 7.15% rate (MND VA index, Oct. 14, 2026), 2.15% funding fee financed:
| Home Price | Loan + Fee | Monthly P&I |
|---|---|---|
| $250,000 | $255,375 | $1,725 |
| $300,000 | $306,450 | $2,070 |
| $350,000 | $357,525 | $2,415 |
| $400,000 | $408,600 | $2,760 |
| $500,000 | $510,750 | $3,450 |
| $600,000 | $612,900 | $4,140 |
VA Loan Rate History
Mortgage News Daily’s VA index read 7.15% on October 14, 2026 and 6.05% a year earlier, an increase of 1.10 percentage points.
How to Get the Best VA Rate
| Strategy | Impact |
|---|---|
| Shop 3-5 VA lenders | Rates vary by lender |
| Check VA-specialized lenders | Often best rates |
| Consider small down payment | Lower funding fee |
| Improve credit score | Lower rate |
| Compare on same day | Rates change daily |
Top VA Lender Types
| Lender Type | Pros | Cons |
|---|---|---|
| VA-focused lenders | Best service, competitive rates | May be smaller |
| Credit unions | Low rates, low fees | Membership required |
| Big banks | Convenience | Often higher rates |
| Online lenders | Quick, competitive | Less personal |
VA Loan Benefits Summary
| Benefit | Value |
|---|---|
| No down payment | Save $20K-$100K+ |
| No monthly MI | No monthly mortgage insurance |
| Lower rates | The MND VA index ran 0.30 points below conventional on Oct. 14, 2026 |
| Lenient credit | Qualify with 620+ |
| No prepayment penalty | Refinance freely |
| Assumable | Pass to future buyer |
| Foreclosure assistance | VA helps if struggling |
Related: 30-Year Mortgage Rates | Mortgage Calculator
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